By Solomon Odunayo
The CTO at Ripple, David Schwartz, recently stated that the customers of the San Francisco based blockchain tech Ripple, have no reason not to use the digital token XRP if it is the best option for their payments.
This came about after Arturo Portilla, a Mexican tax and fintech Lawyer, quoted the reason given by David Schwartz on why PayID was created.
This reveals the necessity for creating PayID and also summarizes the effort that Ripple has exerted in building a complete payment system that is capable of serving all and sundry.
Arturo Portilla tweeted, “We realized that we were trying to build Twitter without having the Internet, so that’s why we decided to create PayID”
This tweet soon became a thread after a user identified as Brot KnoblauchHaus threw a jibe at Ripple for taking years before realizing what it supposed to have built from the onset.
He wrote, “If Jack took 8 years to realize he was building Twitter without the Internet, he frankly would have been a terrible architect. What happened to all the rhetoric about laying the rails before the trains can ply?”
If @jack took 8 years to realize he was building Twitter without the Internet, he frankly would have been a terrible architect.
What happened to all the rhetoric about laying the rails before the trains can ply?
— Brot KnoblauchHaus Ⓥ (@BredGarlicHouse) June 25, 2020
David Schwartz Responds
In response to KnoblauchHaus’s assertion, David Schwartz pointed out that Ripple has been building a payment system privately over the years, to serve institutions in the best way possible, which he said birthed the popular payment technology RippleNet.
“Since 2015, we’ve been privately building an institutional system for payment messaging and interoperability to enable settling with a digital asset, that’s what RippleNet is,” David Schwartz responded.
Schwartz stressed the realizations behind PayID further:
“One of the realizations behind PayID is that part of what makes email so much better than payments is end-to-end messaging and a universal human-readable identifier. These are things that don’t require complex financial infrastructure.”
Ripple’s Customers Will Use XRP If It’s Their Best Option
Reacting to the words “to enable settling with a digital asset”, a user asked of the particular digital currency in question, since he didn’t mention XRP.
Eric Dadoun, a cryptocurrency trader and investor, weighed in to clarify why the Ripple CTO avoided mentioning a particular digital asset, as many could have expected him to mention XRP without holding back.
Eric Dadoun tweeted, “Level the playing field and let the best asset win” This has never been a single asset story or perspective. If XRP is the cheapest / fastest / most liquid then it’ll be used but even then it won’t be the only one used which is why ILP is so critical.”
“Level the playing field and let the best asset win”
This has never been a single asset story or perspective. If XRP is the cheapest / fastest / most liquid then it’ll be used but even then it won’t be the only one used which is why ILP is so critical.
— Eric Dadoun (@EDadoun) June 26, 2020
To support Eric Dadoun’s point, Ripple CTO pointed out that the customers of the cross-border payment firm will use XRP if it’s the best option for their payments.
“Right. If we don’t give our customers the best experiences we can, we won’t have any customers. So we’ll give them every option we possibly can and if XRP is the best option for some subset of their payments, they should have no reason not to use it,” David Schwartz clarified.